NMIMS Global Access

School for Continuing Education (NGA-SCE)

Course: Business Economics
Internal Assignment Applicable for December 2020 Examination

Assignment Marks: 30

Instructions:

 All Questions carry equal marks.

 All Questions are compulsory.
 All answers to be explained in not more than 1000 words for question 1 and 2 and for
question 3 in not more than 500 words for each subsection. Use relevant examples,
illustrations as far as possible.
 All answers to be written individually. Discussion and group work is not advisable.
 Students are free to refer to any books/reference material/website/internet for
attempting their assignments, but are not allowed to copy the matter as it is from the
source of reference.

 Students should write the assignment in their own words. Copying of assignments from
other students is not allowed.

 Students should follow the following parameter for answering the assignment questions.

For Theoretical Answer For Numerical Answer

Assessment Parameter Weightage Assessment Parameter Weightage
Introduction 20% Formula 20%
Concepts and Application 60% Procedure / Steps 50%
related to the question
Conclusion 20% Correct Answer & 30%
Interpretation

1. Rohan is appointed an economics’professor in a reputed university. In his first lecture,

students asked him to elaborate on Gross Domestic Product (GDP) and Gross National
Product(GNP). Help Rohan to prepare his first lecture on the given topic with relevant
example and highlight the differences between the two concepts. (10 Marks)
 NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Business Economics
Internal Assignment Applicable for December 2020 Examination

2. Suppose the demand equation for computers by Teetan Ltd for the year 2017 is given
by Qd= 1200-P and the supply equation is given by Qs= 120+3P. Find equilibrium
price and analyse what would be the excess demand or supply if price changes to Rs
400 and Rs 120. (10 Marks)

3.a. A business firms sells a good at the price of Rs 450.The firm has decided to reduce the
price of good to Rs 350.Consequently, the quantity demanded for the good rose from
25,000 units to 35,000 units. Calculate the price elasticity of demand. (5 Marks)

3.b. “There is a high cross elasticity of demand between new and old cars”. Discuss the
statement by explaining the features of cross elasticity of demand. Also compare and
contrast cross elasticity with other types of elasticities of demand. (5 Marks)

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